Raiffeisen-Landesbank Tirol AG

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1 CREDIT OPINION 4 July 17 Raiffeisen-Landesbank Tirol AG Semiannual update Update Summary rating rationale We assign Baa1/P- deposit and issuer ratings to Raiffeisenlandesbank Tirol (RLB Tirol). The bank's Baseline Credit Assessment (BCA) is baa. We further assign Counterparty Risk Assessments (CR Assessments) of A(cr)/P-(cr). RATINGS Raiffeisen-Landesbank Tirol AG Domicile Austria Long Term Debt Not Assigned Type Not Assigned Outlook Not Assigned Long Term Deposit Baa1 Type LT Bank Deposits - Dom Curr Outlook Stable Please see the ratings section at the end of this report for more information. The ratings and outlook shown reflect information as of the publication date. RLB Tirol's Baa1 ratings reflect (1) the bank's baa BCA; () its baa adjusted BCA, which incorporates very high affiliate support from Raiffeisen Banking Group (RBG), but results in no rating uplift from the baa BCA; and () the result of our Advanced Loss Given Failure (LGF) analysis, which takes into account the severity of loss faced by the different liability classes in resolution, adding two notches of rating uplift from RLB Tirol's baa adjusted BCA to its deposit and issuer ratings. The baa BCA reflects RLB Tirol's sound capitalisation, adequate funding profile and strong liquidity. At the same time, the bank's BCA remains constrained by the bank's below-average asset quality, the tail risks associated with its concentrated investments, and the relatively weak operating environment and therefore resulting profitability pressures. Exhibit 1 Rating Scorecard - Key financial ratios Contacts Carola Schuler Managing Director Banking carola.schuler@moodys.com Solvency Factors Alexander Hendricks, CFA Associate Managing Director - Banking alexander.hendricks@moodys.com Median baa-rated banks 8% 14% 7% 1% 6% 1% 5% 8% 4% 6% % 4% % % 6,9% 14,% % Asset Risk: Problem Loans/ Gross Loans Capital: Tangible Common Equity/Risk-Weighted Assets Solvency Factors (LHS) Source: Moody's Financial Metrics,% Profitability: Net Income/ Tangible Assets 66,7% 6,% Funding Structure: Market Funds/ Tangible Banking Assets Liquid Resources: Liquid Banking Assets/Tangible Banking Assets 1% % Liquidity Factors (RHS) Liquidity Factors Katharina Barten Sr Vice President katharina.barten@moodys.com RVB Tirol (BCA: baa) 16%

2 Credit strengths RLB Tirol's capitalisation is strong, especially when taking into account its fully taxed Austrian GAAP reserves. RLB Tirol's large liquidity cushion and access to sector funds mitigate funding risks. Senior creditors benefit from a large volume of outstanding debt, and therefore, a very low loss-given-failure, in the unlikely event of resolution. Credit weaknesses Asset quality remains weak and the risk profile is vulnerable to risks stemming from sector concentrations and sizeable equity investments. The bank's profitability is modest, with some dependence on contributions from Raiffeisen Bank International (RBI, Baa1 stable/ Baa1 stable, ba)1 earnings. Rating outlook The outlook for RLB Tirol's ratings is stable, reflecting our expectation that the bank will be able to sustain, if not further improve, its satisfactory capitalisation and the positive trend in asset quality. The Raiffeisen sector's financial strength remains a limiting factor on RLB Tirol's individual creditworthiness. Further progress in the de-risking will likely continue to stabilise RBI. However, RBI's large size and higher risk profile relative to the domestic Raiffeisen sector will probably continue to constrain individual member banks' BCAs to low-investment-grade levels in 17. Factors that could lead to an upgrade RLB Tirol's ratings could be upgraded if (1) stronger fundamentals justify a raising of the BCA; () RBG's financial strength improves, such that it raises or removes the current rating constraints, or even results in affiliate support uplift; or () it benefits from additional rating uplift, as assessed in our Advanced LGF analysis. The latter is unlikely, however, given that higher rating uplift would require materially higher subordinated instruments. Upward pressure on the BCA would arise if the bank demonstrates that it can sustain the positive trend in its asset-quality metrics and improve profits to raise its capital-generation capacity. Factors that could lead to a downgrade A downgrade could be prompted if (1) weakening fundamentals warrant a lowering of the bank's BCA; () we were to lower RBG's BCA, because this could raise the current constraints for RLB Tirol's BCA; and () the volume of senior unsecured liabilities continues to decline, as observed in 16, because this would increase the loss-given-failure for senior creditors, which would lead to a weaker result from our LGF assessment. Negative pressure on the BCA could result from a material weakening in RLB Tirol's profitability and capital ratios, or indications of materially rising asset risks. This publication does not announce a credit rating action. For any credit ratings referenced in this publication, please see the ratings tab on the issuer/entity page on for the most updated credit rating action information and rating history. 4 July 17

3 Key Indicators Exhibit Raiffeisen-Landesbank Tirol AG (Unconsolidated Financials) [1] Total Assets (EUR billion) Total Assets (USD billion) Tangible Common Equity (EUR billion) Tangible Common Equity (USD billion) Problem Loans / Gross Loans (%) Tangible Common Equity / Risk Weighted Assets (%) Problem Loans / (Tangible Common Equity + Loan Loss Reserve) (%) Net Interest Margin (%) PPI / Average RWA (%) Net Income / Tangible Assets (%) Cost / Income Ratio (%) Market Funds / Tangible Banking Assets (%) Liquid Banking Assets / Tangible Banking Assets (%) Gross Loans / Due to Customers (%) CAGR/Avg [1] All figures and ratios are adjusted using Moody's standard adjustments [] Basel III - fully-loaded or transitional phase-in; LOCAL GAAP [] Basel II; LOCAL GAAP [4] May include rounding differences due to scale of reported amounts [5] Compound Annual Growth Rate (%) based on time period presented for the latest accounting regime [6] Simple average of periods presented for the latest accounting regime. [7] Simple average of Basel III periods presented Source: Moody's Financial Metrics Detailed rating considerations With total assets of 7. billion as of December 16, RLB Tirol is one of the smaller of the eight Raiffeisenlandesbanken in Austria. RLB Tirol is majority-owned by 71 local primary credit co-operatives in the region, for which the bank is the central institution. In the Tyrol area, the regional co-operative sector has sizeable market shares in retail banking and in lending to private customers, and small and medium-sized enterprises. RLB Tirol had a 5.64% share in the former RZB as of end of 16, which was merged with RBI in March 17. Following the merger, RLB Tirol is now a direct shareholder in RBI, holding a.7% share, which implies a material indirect exposure to Central and Eastern European banking markets. Until 14, the participation in the former RZB contributed a significant portion to RLB Tirol's income. The bank's financial reporting is based on local GAAP. RLB Tirol's improved capitalisation is strong when taking into account local GAAP reserves RLB Tirol reported a satisfactory 1.9% Common Equity Tier 1 ratio as of the end of 16, up from 1.1% a year earlier, under the Capital Requirements Regulation and Directive (CRR/CRD IV). The ratio benefitted from a slight increase in CET1 capital and a % reduction in risk-weighted assets (RWA) in 16. Our tangible common equity (TCE) ratio (which excludes intangible assets but does not apply various deductions made by the regulator) was 14.% as of the end of 16, up from 1.% a year earlier. In addition to its 45 million CET1 capital, RLB Tirol has additional capital resources stemming from (1) 4. million in reserves under Austrian local GAAP, which are not included in its regulatory CET1 capital; and ) considerable hidden reserves from its participations, which the bank accounts for at historical costs. If the bank were to report under IFRS, the respective amounts would be attributed to its CET1 capital. Adjusted for Austrian GAAP reserves, the bank's CET1 ratio was 15.4% as of the end of 16, slightly above those of its Austrian peers. At the same time, the bank faces various risks to capital, specifically from its concentrated equity investments and evolving regulations that could result in higher RWA over the next year. The bank's 6 million participations (mostly the stake in the former RZB) as of the end of 16 represent a material concentration in the context of RLB Tirol's 45 million CET1 capital. To account for the related risk, we simulated an impairment of the bank's stake in RBI, which we discounted from its adjusted TCE of 457 million (adjusted for local GAAP reserves as of the end of December 16), and adjusted the Capital Score accordingly, resulting in an a score. 4 July 17

4 RLB Tirol's asset risk, although improving, remains relatively high RLB Tirol's problem loan ratio improved to 5.9% as of December 16 from 6.% as of December 15, but remains slightly weaker than those of Austrian peers focused on the domestic market. For 17, we expect the bank's problem loans to continue to trend down, underpinned by the benign credit environment for sectors that the bank is most exposed to, in particular tourism. The bank's provisioning levels of roughly 5% are adequate. Lending activities to commercial customers, predominantly small and medium-sized enterprises, account for roughly three quarters of the.4 billion loan book and contain considerable sector concentrations. The bank's exposure to real estate, at 686 million, is particularly large relative to capital. Other concentrations are in the tourism and retail trade sectors. These concentrated sector exposures are somewhat mitigated by the stable economic environment in the Tyrol region and in southern Germany. RLB Tirol's Asset Risk score is ba. This score includes adjustments for concentration risk and market risk, the latter reflecting the bank's sizeable loans denominated in foreign currencies. RLB Tirol's profitability is modest and partly dependent on RBI's dividends Despite a weaker operating profit of 8.4 million (-6.% compared with a year earlier), RLB Tirol reported a strong net profit of 19.7 million for the year 16. The reported result included a charge of 5.5 million according to 57(1) BWG, which the bank transferred to fully taxed reserves under Austrian GAAP. Such transfers principally understate the bank's true profit. During the two years to 16, the bank made transfers to reserves, thereby adding to its loss-absorption buffers. Adjusted for Austrian GAAP reserves, the 16 net profit was unusually high at 45. million. That said, the (adjusted) result also includes (1) a 1.5 million positive first-time accounting effect, following a legal change to Austrian local GAAP reporting standards that aim to enhance transparency; and () an unusually high 5. million release of specific loan-loss provisions. Adjusted for these two items, net profit was low at 7.4 million. The underlying performance reflects revenue pressure, given a.5% decline in operating income to 91 million. This decline was only partly offset by a.% reduction in operating costs to 6 million. Revenue erosion was driven by lower commission income of 1 million (-8.4%) and weaker other operating income of 8 million (-7.6%). The latter includes rental income and income from banking services for the primary banks of the Raiffeisen sector. In addition, the former RZB again did not pay any dividend for the year. For 17, we expect a stable result because the persistent pressure on operating revenue will probably be offset by lower charges (contributions to the national stability fund will decline). Risk charges will likely remain at a low level. In addition, we expect RLB Tirol to continue efforts to reduce costs through streamlining its processes and adjusting the business to changing customer needs. These measures could further ease persistent revenue pressure. RLB Tirol's Profitability score of ba reflects the bank's relatively resilient underlying performance, but also less reliable, yet vital income streams from RBI and the modest loss-absorption capacity of its pre-provision income. Funding risks are mitigated by sound liquidity buffers and access to sector funds As the central institution for the local Raiffeisen banks in Tyrol, RLB Tirol has access to diversified funding sources, including sector funds (.1 billion in 16) and own issuances ( 1. billion), which are also partly placed within the Raiffeisen sector. These funds are complemented by deposits ( 1.9 billion) and interbank funding ( 1.5 billion from banks outside the sector). The reported net stable funding ratio of 16% illustrates the bank's fully matched funding structure. The bank's (unadjusted) market funds ratio remained high at 67% in 16. However, for our assessment of the bank's funding profile, we made favourable adjustments for several risk-mitigating factors, including funds received from primary credit cooperatives, from the former RZB and from development banks. These factors led to an assigned Funding Structure score of ba1. RLB Tirol has a relatively liquid balance sheet, considering that its loan book and investments only represent 6% of total assets, with the remainder mostly comprising interbank claims (8%, mostly due from the sector) and securities investments (5%). The reported liquidity coverage ratio as of December 16 was adequate at 99%. The baa1 Liquidity score reflects our adjustments for intra-sector lending to primary banks and asset encumbrance. 4 4 July 17

5 RLB Tirol's ratings are supported by Austria's Macro Profile Score of Strong + RLB Tirol's Macro Profile is Strong+, in line with Austria's Strong+ Macro Profile (Aa1 stable4), as the bank's assets are primarily generated within its home market. Austria's Strong+ Macro Profile reflects the country's stable economic environment, with a robust institutional and legal framework, sound government finances and a low susceptibility to adverse events. Despite rising house prices, private sector debt is low and declining, further supporting credit conditions. Our Macro Profile also takes into account the banking sector's high market fragmentation, low fee income generation and intense competition for domestic business. Notching considerations Affiliate support We consider the likelihood of support from RBG, the Austrian Raiffeisen sector, to be very high owing to RLB Tirol's regional importance to the sector. This support materially reduces the probability of default, as the co-operative group cross-sector support mechanism aims to stabilise its members by avoiding a bail-in or any form of loss participation by creditors. We assess the Austrian Raiffeisen sector's financial capacity to provide support to its members based on the co-operative group's combined financial strength. Although the group's combined financial strength has recently stabilised, we still consider RBG's capitalisation to be moderate relative to its overall credit profile, which is strongly correlated with its higher-risk Central and Eastern European exposures, housed at RBI. The sector's limited support capacity implies a constraint to the possible uplift included in member banks' ratings. Therefore, member banks with BCAs of ba1 or higher do not benefit in terms of rating uplift from our very high support assumption for the group of Raiffeisenlandesbanken. Accordingly, RBG cross-sector support currently results in no rating uplift for RLB Tirol. Loss given failure RLB Tirol is subject to the EU Bank Recovery and Resolution Directive, which we consider to be an operational resolution regime. We assume a residual TCE of %, and losses post-failure of 8% of tangible banking assets, a 5% runoff in junior wholesale deposits and a 5% runoff in preferred deposits, and assign a 5% probability to deposits being preferred to senior unsecured debt. These metrics are in line with our standard assumptions. RLB Tirol's deposits are likely to face very low loss-given-failure, resulting in two notches of rating uplift from the baa adjusted BCA. RLB Tirol's senior obligations are also likely to face very low loss-given-failure, resulting in two notches of rating uplift from the baa adjusted BCA. Government support In contrast to banks in other EU countries and reflective of government measures in Austria implemented since 14, we assign a low level of support for the senior debt and deposit ratings of Austrian banks. As a consequence, we do not include any beneficial rating impact for government support in RLB Tirol's issuer and deposit ratings, despite the strong national market shares and systemic relevance of the Raiffeisen sector as a whole to the country's banking system. About Moody's Bank Scorecard Our Scorecard is designed to capture, express and explain in summary form our Rating Committee's judgment. When read in conjunction with our research, a fulsome presentation of our judgment is expressed. As a result, the output of our Scorecard may materially differ from that suggested by raw data alone (though it has been calibrated to avoid the frequent need for strong divergence). The Scorecard output and the individual scores are discussed in rating committees and may be adjusted up or down to reflect conditions specific to each rated entity. 5 4 July 17

6 Rating Methodology and Scorecard Factors Exhibit Raiffeisen-Landesbank Tirol AG Macro Factors Weighted Macro Profile Strong + Factor Historic Macro Ratio Adjusted Score Credit Trend Assigned Score Key driver #1 Key driver # Market risk Solvency Asset Risk Problem Loans / Gross Loans 6.9% ba1 ba Sector concentration Capital TCE / RWA 14.% a1 a Stress capital resilience Profitability Net Income / Tangible Assets.% b1 ba Expected trend Combined Solvency Score Liquidity Funding Structure Market Funds / Tangible Banking Assets 66.7% caa1 ba1 Market funding quality Liquid Resources Liquid Banking Assets / Tangible Banking Assets 6.% aa baa1 Intragroup restrictions Asset encumbrance baa baa at-failure (EUR million) 4,6 1,874 1, , ,94 % at-failure Combined Liquidity Score Financial Profile Business Diversification Opacity and Complexity Corporate Behavior Total Qualitative Adjustments Sovereign or Affiliate constraint: Scorecard Calculated BCA range Assigned BCA Affiliate Support notching Adjusted BCA ba1 Balance Sheet in-scope (EUR million) 4,6 1,874 1, , ,94 Other liabilities Deposits Preferred deposits Junior Deposits Senior unsecured bank debt Dated subordinated bank debt Equity Total Tangible Banking Assets 6 1% 4 July 17 baa baa Aa1 baa-ba1 baa -baa % in-scope 55.7% 5.7% 19.% 6.7% 15.1%.5%.% 1% 55.7% 5.7% 18.1% 5.% 15.1%.5%.% 1%

7 Debt class Counterparty Risk Assessment Deposits Senior unsecured bank debt Instrument class Counterparty Risk Assessment Deposits Senior unsecured bank debt De Jure waterfall De Facto waterfall Notching LGF Assigned Additional Preliminary LGF notching Rating Instrument Sub- Instrument SubDe Jure De Facto Notching Guidance notching Assessment volume + ordination volume + ordination vs. subordination subordination Adjusted BCA.7%.7%.7%.7% a (cr).7%.5%.7% 18.6% baa1.7%.5% 18.6%.5% baa1 Loss Given Failure notching Additional Preliminary Rating Notching Assessment a (cr) baa1 baa1 Government Support notching Local Currency Rating A (cr) Baa1 Baa1 Foreign Currency Rating --Baa1 Source: Moody's Financial Metrics Ratings Exhibit 4 Category RAIFFEISEN-LANDESBANK TIROL AG Outlook Bank Deposits -Dom Curr Baseline Credit Assessment Adjusted Baseline Credit Assessment Counterparty Risk Assessment Issuer Rating ST Issuer Rating Moody's Rating Stable Baa1/P- baa baa A(cr)/P-(cr) Baa1 P- Source: Moody's Investors Service 7 4 July 17

8 Endnotes 1 The ratings refer to RBI's long-term deposit rating and outlook, the long-term senior unsecured debt rating and outlook, and the BCA. Fully taxed local GAAP reserves, based on 57(1) of the Austrian Legal Banking Act, are deducted from gross loans and not disclosed as reserves. In accordance with 57(1) of the Austrian Legal Banking Act, transfers to fully taxed reserves under Austrian local GAAP are labeled as loan-loss provisions and booked under risk charges in the income statement. 4 The rating shown is the sovereign bond rating and outlook. 8 4 July 17

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10 Contributors Katharina Barten Senior Vice President 1 4 July 17 CLIENT SERVICES Gerson Morgenstern Associate Analyst gerson.morgenstern@moodys.com Americas Asia Pacific Japan EMEA

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